ICICI Bank customers get a planning tool3 min read . Updated: 22 Mar 2011, 10:33 PM IST
ICICI Bank customers get a planning tool
ICICI Bank customers get a planning tool
If you are an ICICI Bank Ltd’s customer, it will now be easier for you to manage your finances. ICICI Bank along with Intuit, a leading global developer of business and personal finance management solutions, has launched “Money Manager", an online personal finance management tool for the bank’s customers. It will be available through the bank’s website.
Says Lindsey Argalas, managing director, India and Asia Pacific, Intuit: “For more than 25 years, Intuit has been the trusted brand. Now we bring our expertise to India."
What you get
Account aggregation: It offers a single access view of all your ICICI Bank relationships. Says Rajiv Sabharwal, executive director, ICICI Bank, “We at the moment let our customers aggregate their various ICICI Bank relationships. As a second step in the future, we will look into integrating relationships across the ICICI group." Just link the tool to your net banking username and track and view detailed information of your various accounts (see table). It updates account information daily.
Other offerings: The tool records your spending across 80 different categories along with data and graphs.
You will also be able to set and track your budget using the tool and get alerts every time you overshoot your budget. The tool will alert you about payments and due dates via email and SMS. It will give you detailed information on your spending, income, balance, loans and net worth at a single spot.
The cost: Currently, you get a 90-day fully functional free trial. After that, you will need to pay a monthly fee of ₹ 25.
ICICI Bank is not the first bank to offer a personal finance management service in India. In 2008, Yes Bank Ltd launched “Money Monitor", an account aggregation service along with Yodlee, a US-based online banking service provider. Says Suresh Sethi, group president (transaction banking), Yes Bank, “Money Monitor is a one-stop solution for aggregating all your financial information. You can aggregate 11,000-plus financial institutions. You can consolidate all your accounts such as multiple bank accounts, fixed deposits, insurance policies, credit cards, personal loans, mortgages, demat, mutual funds and the like."
You get alerts and reminders and information on your spending pattern. It sets and tracks your budget. The bank currently offers a free trial for three months; they may plan to make it free for life.
Sabharwal says, “Since aggregation across other financial institutions other than ICICI group will involve sharing of login IDs and passwords which give rise to security concerns."
Banks are not the only ones in this space, other online personal finance tools such as Perfios.com and Rupeex.com have been around for quite a few years now. Says Aditya Prasad, chief evangelist, Perfios.com, “At our site, customer get account aggregation across financial institutions and asset classes." You get at least 150 financial institutions supported for automatic uploads and has 120,000 active users. Currently, Perfios.com offers three types of packages: free-for-ever, gold and platinum. The gold and platinum packages also provide an automated income-tax computation facility. The gold package is currently priced at ₹ 499 and platinum at ₹ 1,499.
Even Intuit offers its personal finance tool on Moneycontrol.com, where you are not restricted to a single bank’s relationships. Currently, you get a three months free trial offer, followed by a charge of ₹ 1 per day.
What to do
All the above mentioned online personal finance tools and websites claim to be secure. But don’t forget that whenever you share sensitive financial information, you carry an inherent risk.
As far as the ICICI Intuit tool goes, it has a major restriction—you can aggregate just ICICI Bank’s relationships. The cost of the service is economical, but there are many other options available in the market that offer a wider range of services and come at competitive prices, some even free. Do check them out before making a decision.